independent appraiser in the field trying to make a living in their small business. >> okay. mr. kelly, did you have a response to that? >> yes, i do. the -- we believe that appraisers should be paid appropriately. fees for appraisers, compensation for appraisers, has us a been set by the market. it's supply and demand equation quite frankly. appraisers, indeed, deserve a reasonable customary knee to fe paid for the services they provide. the notion that amcs are somehow driving down fees for appraisers i think is really mistaken. we don't -- we don't set fees for appraisers. we -- we work for lenders. we're the agents of the lender.

we're doing the risk assessment pieces of what lenders have traditionally done. we provide, as i indicated in our testimony, services for lenders and for appraisers. one of the things that i've been told, in all the years i was with the appraisal institute, that one of the largest costs for appraisers was marketing. that, in addition to the risk, you know insurance and warranties and those types of things are real costs for appraisers, say, doing retail assignments. much, if not all of that, has been offloaded to the amcs and so there is a sharing of that compensation. that risk and those duties are no longer done by that traditional appraiser. and the consequent fee that they get is one that they agree to and had been negotiated with to say, will you do this assignment

on 123 maple, 104, et cetera, et cetera. they say, what is your fee? they say, $100, or whatever it might be. so you strike an agreement. so there may be anomalies on that. just like we talked about anomalies on traveling. but those are truly anomalies as far as i can tell. haven't seen any evidence of that to -- >> thank you. would anybody else like to comment on that? >> thank you very much. i think it's very important to distinguish the importance of what has happened over the past eight years. at the height of the market, 60% of mortgages were originated by mortgage brokers. the majority of whom were professional lenders. however, we all know that we saw many problematic nontraditional subprime loans. we also saw issues where appraisers were working exclusively with companies such as ameriquest or brokers and overvaluing properties. the intent of the home valuation code of conduct was to ensure that arm's length transaction which was part of the path.

we agree it should be changed. the reality today, jumping forward to today, is some of the unintended consequences of efforts to improve performance in the marketplace. appraisers tell us when we ask them about valuations given to consumers, with regard to accuracy issues, in the past they would have a day to produce, or more, to produce an appraisal for a lender. today, amcs expect them to do two to three in the same time period. the fact of the matter is, appraisers are leaving the practice, the profession in droves because they can't make ends meet. that's not a product of quality. these appraisers are committed to providing quality products, but it is a product, unfortunately, of a changing marketplace, and what we are not seeing, and i hope we do see, back to the purpose of this hearing, is that we do see, in fact, the subcommittee working with the sfpb, working with the provincial regulators to ensure safety and soundness and the

return of robust lending. thank you. >> thank you. i'd like to thank all of the witnesses today. and before i dismiss you, i just have to add into the record, i ask unanimous consent to insert the following material into the record. june 28th, 2012, statement from the national association of home builders. june 28th, 2012, statement from the american enterprise institute. june 28th 20, 2012, statement f the american guild of appraisers. june 28th, 2012, statement from the mortgage bankers association. june 28th, 2012, statement from the dallas-ft. worth association of mortgage brokers. june 28th, 2012, statement from the leading builders of america. and with that, the chair notes that some members may have additional questions for this panel which they may wish to submit in writing. that objection, the hearing record will remain open for 30 days for members to submit written questions to the witnesses and to place their

responses in the record. with that, i really like to thank you and thank you for your expertise that you brought in this panel, and to help us as we move forward and so i thank you all for being here. and with that, this hearing is adjourned. this weekend head to the state capitol named in honor of thomas jefferson with book tv and american history tv in jefferson city, missouri,

saturday at noon eastern, literary life with book tv on c-span2. former senator and missouri first lady jean carnahan. inside the mansion. from her book "if walls could talk." also a provisions list from ancient mesopotamia. the stories behind eight miniature babalonian clay targets. >> at one time, 1967, this was called the bloodiest 47 acres in america. >> a former warden takes you through the historic missouri state penitentiary. also walk back through history in the halls of the missouri state capitol and governor's mansion. once a month c-span's local content vehicles explore the history and literary life of cities across america. this weekend from jefferson city, saturday at noon and sunday at 5:00 eastern on c-span2 and c-span3. this is c-span3, with politics and public affairs

programming throughout the week, and every weekend, 48 hours of people and events telling the american story on american history tv. get our schedules and see past programs at our websites. and you can join in the conversation on social media sites. caroline kennedy campaigned in new hampshire last week in support of president obama's re-election campaign. she spoke to supporters in nashua about the similarities between this year's election and her father's run for the presidency in 1960. this event at the obama campaign's new hampshire headquarters was part of her two-day tour in the state. this is about 30 minutes. >> hello, everyone, and thank you all so much for joining us here tonight. my name is dave ten strks a, and i have the pleasure of introducing the wonderful caroline kennedy to you tonight. before i turn it over to her,

though, i want to say a few quick words about why i'm here and many of you are here as well, besides the fact we are here just to admire caroline. in 2008, we came together to support candidate barack obama. the reason, i think the reason many of us came together was because we had a shared vision about what's best for our country. we wanted to reclaim that basic bargain if you work hard and play by the rules that you can make it in america. you can find a job -- [ applause ] you can buy a house. send your kids to college and save a little bit for retirement. president obama believes in order to move our country forward we need to invest in education, energy, innovation and infrastructure, and reform our tax system to create good jobs, grow our economy, and pay town the debt in a balanced way.

>> four more years! four more years! >> president obama reminds us of another great president who also captured our hearts and minds over 50 years ago. inspiring hope that better days were ahead. just like president kennedy convinced my grandmother, a young immigrant from poland, that her sons would get the shot at the american dream through hard work and education, president obama makes me believe that if we continue to invest in our future, that dream will still be alive for my son. [ applause ] thank you. i'm here because i share that belief and it gives me great pleasure to introduce someone else who shares that vision. she's an author, an attorney, a mother, and above all, she's someone who inspires us. please join me in giving a warm welcome to caroline kennedy. [ applause ] >> thank you so much.

hi, everybody. how are you? good. thanks for coming out. i'm so really honored and moved to be here in nashua where my father began his campaign for the presidency. i've always wanted to come here. [ applause ] and i can't thank -- does that sound funny? yes? no. okay. >> you sound great. >> thank you. thank you. anyway, i can't think of a more important reason to come here than to join with all of you to make sure that barack obama is re-elected as the next president of the united states. [ applause ] every time i go out for president obama, i always meet people, somebody who says, you know, i cast my first vote in

1960, and i don't know if there's anybody here that falls into that category. but it's wonderful to see you here still fighting and working. and i think that that continuity of spirit is really something that's so pressure to me and i think to all of us. and i saw president obama ignite that same spark four years ago. he inspired me. he inspired my children. hi inspired a whole new generation. and i've always thought that my father's greatest legacy is the people that he inspired to get involved, to serve our country, and though that generation transformed america, and they passed that inspiration down to their children, their grandchildren, and i think that that's the kind of change that president obama is going to be -- has initiated. and it's up to us now to make sure that he has four more years to see it through. [ applause ]

there are a lot of similarities between 1960 and this year. i think the most important one is that this election really represents the kind of dramatic choice between two visions of america. president obama's vision that embraces opportunity and fairness. and a better future. and the republican vision that like richard nixon would turn the clock back on so much of the social justice and economic progress that we've made. when i was inspired by barack obama four years ago, and looking back at that, i still am. i'm a woman, a mother, a lawyer, and an educator and i really believe that barack obama is fighting for the america that i believe in and the values of swr justice, fairness, opportunity, and innovation that really make this country great. four years ago, we all knew that we were going to change history and we did. and president obama didn't just change the way that the world looks at america. i think he's really shown the kind of leadership and chacter

th my father wrote about and profiles in courage, the courage to keep fighting for all americans no matter what personal interest or attacks are used against him. we know the change isn't easy. it takes time, but change is what we've seen. the first bill the president signed was the lilly ledbetter law so that women -- [ applause ] so that women could fight back when they weren't paid the same as men. thanks to president obama, don't ask, don't tell is history. so is the war in iraq. and so is osama bin laden. and that's just some of what he's done. he saved the auto industry. he signed the anti-nuclear proliferation treaty. expanded oil production. made record investments in clean energy. doubled fuel efficiency standards. put hardworking immigrants on the path to hope and is restoring our reputation around

the world. that's why it drives me crazy when people say, what has he done? none of these things were politically popular to do, but they were all the right things to do. and i know for me, i spent the last ten years in new york city fighting for education reform. and improving our schools. because i really believe that education is the most important long-term issue that we face as a country. and president obama has been way ahead on that. an economic issue because the countries that out-educate us today will out-compete us tomorrow. right now we're 17th in science and 25th in math. and it's a national security issue because other countries are training the best engineers and scientists. and it's a civil rights issue because students of color receive a sub par education. and drop out at twice the rate as white students.

fundamentally, i believe it's a moral issue. there's nothing more important than how we raise and educate our children. president obama has initiated groundbreaking reforms to support high quality teaching, reward innovation, expand education and make college more affordable. he's gotten banks out of the student loan business and given a tuition tax break to middle class families. so for me, that's huge. and for the 1.1 million students in new york city, alone. it's made a tremendous difference. he's also laid the groundwork for an economy that's built to last and that's not an easy job. he brought us back from the brink of the great depression. saved the auto industry and put us on a path to recovery. we all know there's a lot more to do. there's a lot more to do in all of these issues. but he has created 4.3 million new private sector jobs over 27 months. that's why we voted for him in 2008. [ applause ]

that's why we need to make sure that he has four more years to finish the job. it's time now for us to do our part. and we know the campaign is going to be divisive and expensive and one that the other side is going to run, it's going to set americans get each other. rather than talking about how we can work together to solve our problems. when i was writing my first book on the bill of rights, 20, 30 years ago -- >> 20. >> thank you. i met a woman, tina hobson, who spent 20 years fighting for justice. she lost her health and her life savings in the process. and when i asked her if it had been worth it, she said something that i've never forgotten. it's up to us to create a government that is close to our heart's desire. because she said, if you don't do it, somebody else will. and i don't know about you, but i don't want a government that

mitt romney created. i want a government -- [ applause ] i want a government that is close to barack obama's heart. one that fights for fairness, for families and for our children's future. the president can't win this election alone. he needs each and every one of us, and everyone we know, to work our hearts out. i grew up hearing, some of you probably did, too, said in the 1960 election, if one person in every precinct had voted the other way, my father wouldn't have been president. that's the kind of difference an individual can make. and here in new hampshire, it's even bigger than that. so each of us has to ensure that every person we know is excited about the chance to re-elect president obama, is registered to vote and gets to the polls to make sure that it happens. this is not going to be easy, but the best things never are. i know that we can do it. we did it before and i look forward to working with all of

you every day from now until november 6th to make sure we do it again. thank you so much. [ applause ] >> your cameras work? that's very good. hi, how are you?

>> you must be so proud of her. that's great. thank you. >> teddy wants you to get out there and work. >> i am.

>> you know what, many reserves in our community think highly of you. >> thank you. >> i was born in 1960. >> were you? good. anything i can do. >> thank you very much. thank you very much. really a pleasure meeting you. thank you, caroline. >> oh, you're so nice. >> i'm returning this year, 39 years in the public school system. >> thank you for inspiring.

>> of course i would. of course i would. >> thank you so much. >> there you go. >> thank you so much. >> she is beautiful. oh, my god, caroline, my

mother's going to be so happy. oh, my god. you're beautiful. i'm also a teacher.

>> kids, it's all up to you guys. >> i thought kids couldn't vote. >> they can't, but they can make their parents vote. >> you are such a mom. wanted to say hi.

>> thanks for everything. >> great. great pleasure to meet you. i wonder if i could just have an autograph.

>> thank you very much. how are you? >> good. >> can i use your pen there? >> thank you very much. >> you're very welcome. >> good to see you. >> nice to see you, too. you working hard for the president? >> yes, i am. >> that is excellent. here's your pen. do you want it back? >> really a pleasure to meet you. i love your family. and you're so beautiful. >> i'm going to come back to new hampshire. everybody's so nice to me.

>> thank you. good luck. >> nice to meet you. thank you so much. i wonder if you could sign this for me. i'm happy to meet you. i voted for your father in the very first election. >> hi, carryline. >> hi, how are you?

>> good. >> thanks for coming. nice to see you. what about the red sox? >> oh, yeah, go red sox. they won today.

>> here we go. >> thank you. >> hi, how are you? >> your family's been so inspiring to me. i'm running for state represta